In response to the 2007-09 financial crisis, the U.S. congress passed the Dodd Frank Act. Financial institutions will need to implement data standards such as instrument and business entity identifiers, associated reference data and hierarchies to support the reporting requirements in a manner that facilitates analytics and supports systemic oversight.

The purpose of the joint EDMC-OMG Working group is to accelerate the development of a 'sustainable, data standards and model driven' approach to regulatory compliance. Please note that support for financial reform standards is an important application of (but not limited to) the proposed joint standard. Stakeholders from Object Management Group and EDM Council (in collaboration with other standards organizations) are contributing to the development of these standards. Initial scope is to develop and adopt the semantic standard for both financial instruments and legal entities.
This Wiki will serve as a single point of reference for working group artifacts except the vocabulary and models that will be managed in a metadata repository (details to be announced).

Following an exploratory meeting in March 2016 in Reston, VA it was agreed that the Finance domain Task Force would start to explore possible opportunities for standardization within the Blockchain ecosystem. Such standards might be at the level off the FDTF itself, or by or in liaison with other groups, or may be initiatives that could involve the OMG community working with other groups as appropriate. The initial meeting was followed up by a series of calls culminating in a half day event at the June 2016 OMG meetings in Orlando, FL. Here we explored two possible areas of potential standards opportunities: identification standards and standards for use with “smart contracts” which would ideally leverage ontologies such as FIBO. Regular calls continue (1pm Eastern Time on Tuesdays), and are now focused on smart contracts standards opportunities. It was decided that there were no current opportunities to explore in the use of standards in the identification space and that any such requirements would drop out of work in other areas.

NOTE: These meetings are a formal session of the OMG Finance Domain Task Force meeting jointly with the EDM Council. The standing agenda for these calls is to provide updates on EDM Council FIBO and OMG FDTF activities and no formal votes are taken.

FIBO Foundations covers the basic semantic abstractions needed to support the forthcoming FIBO Business Entities specification and will be further updated to provide the semantic abstractions needed for securities, derivatives, loan etc. going forward. This initial specification also describes the technical architecture of the whole FIBO suite of standards, and describes the requirements for conformance with the specification.

FIBO Business Entities is now in the “Finalization2” Phase at the OMG. This means that it has passed the vote for submission (December 2013) and the vote for Adoption (March 2014) and was taken on by a Finalization Task Force (FTF) at the OMG which has delivered the Beta2 version for further work by a second Finalization Task force (FTF2). The FIBO-BE FTF2 is expected to complete its work in March 2016.

The most current version of FIBO-BE can be found at the following link:

The FIBO Indices and Indicators specification had its first reading in June 2014 and was voted and approved for submission. It passed the second reading in September 2014 and a Finalization Task Force has been chartered. The FTF is expected to complete its work in June 2016.

Consequent to the vote, the specification was open for public comments until 18 August 2014. A finalization Task Force dealt with some remaining open issues and has delivered a Beta2 version, which is the most current version. It is now in the hands of a second Finalization Task Force (FTF2) which is scheduled to report in March 2016.

FIBO Indices and Indicators covers market indices, market interest rates, economic indicators and so on. The current submission does not include indices which are derived from securities (such as the S&P500) since these have a dependency on securities models.

Work is getting under way on the FIBO specification(s) for financial instrument common terms including listed equities. This is the first of the workstreams being piloted by a “FIBO Content Team” (FCT) in line with the new FIBO ecosystem and development process.

This work covers the domains of “Common concepts (all instruments)” “Listed Securities” and “Equities”. The FIBO Content Team will determine the disposition of this into FIBO specifications i.e. whether this is to be submitted as one specification or if the specification breakdown will follow the EDM Council “Development Scenario” descriptions of content domains and sub-domains.